List of accomplishments

You want to pay your mortgage faster, but there is only so much money in your budget. Here are some easy ways to find a little extra cash that will add up to a big difference. 

 

 

Some strategies to find extra cash:

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  • Earn Profit Share dividends on your mortgage and your other Servus banking. Use the money to pay down your mortgage faster. 

  • Put some or all of the extra money you get from a raise or cost of living increase toward your regular mortgage payment.

  • Invest in your RRSP and use your tax refund to make a lump-sum payment on your mortgage. 

  • Round up your mortgage payment amount up when you first set your mortgage term. For example, if your bi-weekly payment is $520.67 round it up to an even $525 or $550. You probably won’t notice the difference.
  • Don’t reduce your payment, even if the interest rates go down. That extra money will be applied to your principal.

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